Anduril Targets $60 Billion Valuation in $4 Billion Defense Tech Funding Round

Quick Facts

• Anduril seeks $4 billion in funding at a $60 billion valuation, nearly doubling from its $30 billion valuation in June 2024
• The company hit $1 billion in revenue in 2024, up 138% from $420 million in 2023
• Thrive Capital and Andreessen Horowitz co-lead the round with participation from Lux Capital and Founders Fund

Defense technology company Anduril Industries is raising approximately $4 billion in a funding round that would value Palmer Luckey’s startup at $60 billion. The round comes less than a year after the company’s Series G closed at a $30 billion valuation.

Thrive Capital and Andreessen Horowitz jointly lead the new round. Lux Capital and Founders Fund also participate in the funding.

Anduril generated $1 billion in revenue in 2024, representing 138% growth from $420 million in 2023. The company expects revenue to reach $2 billion, driven by US and allied defense contracts.

The startup plans to spend approximately $900 million from the new funding to build Arsenal-1, a 5-million-square-foot manufacturing facility in Ohio. ‘We’re going to be hiring thousands of people there,’ Luckey told CNBC. ‘It’s about 5 million square feet of cutting-edge manufacturing space that we’re going to be using to build autonomous fighter jets, missiles, torpedoes, a whole bunch of other really cool weapon systems.’

Anduril expects to burn $800 million to $900 million in cash during 2025 to fund major programs. The company positions itself as a challenger to defense contractors like Lockheed Martin, General Dynamics, and Northrop Grumman.

‘It looks like we’re going to be able to manufacture autonomous fighter jets that will take off right from the factory and fly to wherever the customer needs them,’ Luckey said regarding expansion plans.

The funding round occurs amid tensions in the defense AI sector. President Trump ordered government agencies to stop using Anthropic’s products, with Defense Secretary Pete Hegseth designating the AI company a national security supply-chain risk after a contract dispute.

Luckey has indicated plans for an eventual public offering. ‘We are definitely going to be a publicly traded company,’ he said. ‘We are running this company to be the shape of a publicly traded company.’

The $60 billion valuation would cement Anduril among the most valuable private companies in national security. Manufacturing-focused defense investment reached $4.7 billion across 39 deals in 2025.

Read more: Anduril aims at $60 billion valuation in new funding round